Thailand, July 1997 - the now famous tourist destination was once the beginning of the Asian Financial Crisis that saw its 20th anniversary earlier this year. As an economic event, it left scars on its victims many of which are still worn today. But how did the region respond, and how fit for investment does it stand today?
The crisis was born out of exuberance and a craving for wealth, which was led astray by a reliance of debt and bad corporate decisions. However, since 1997 many of the economies have changed. Foreign debt now makes up a much lower proportion of financing, currencies are stronger and corporate governance mainstream.
Like more recent crises, banks were at the heart of it. So how are financial firms and the corporates they lend to structured today, and what is the potential for growth in an equity market whose popularity is increasing?
What are the lessons that have been learnt from this crisis, and what can investors understand to help with their own portfolio decisions. And in a world where many are prepared for the worst, but hope for the best, what is the potential for such a crisis to reoccur - and who could be the major players and victims?